News
What’s new: In brief (January 23, 2005)
January 23, 2005 by Canadian UnderwriterBroker network Hub International has named James S. Barton as president and COO of B.C.-based Hub International Barton Ltd. Also George C. Robertson has been named chief sales officer. James Barton replaces Craig Barton, who will remain as chair and…
Tsunami won’t affect insurer, reinsurer ratings: Moody’s
January 23, 2005 by Canadian UnderwriterClaims from the December 26 Asian tsunami are not expected to impact the financial strength ratings of insurers and reinsurers rated by Moody’s Investor Service. In a special report on the tragic event which has taken the lives of more…
What’s new: In brief (January 20, 2005)
January 20, 2005 by Canadian UnderwriterOakville, Ontario-based pet insurer Pethealth (TSX Venture: PTZ) has declared a dividend of $0.12 per series one convertible preference share, payable on January 26. Pethealth issued 5 million of convertible preference shares on January 21, 2004 through a private placement,…
Kingsway latest to join portal
January 20, 2005 by Canadian UnderwriterMississauga, Ontario-based Kingsway General Insurance Co. is the latest insurer to hop on the Centre for Study of Insurance Operations (CSIO) portal.Non-standard auto insurer Kingsway is the 30th company to take part in the web-based portal for broker-insurer interaction, a…
Enron, WorldCom directors contribute to settlements: Article
January 20, 2005 by Canadian UnderwriterThe recent settlements by former WorldCom and Enron directors highlights the new phenomenon of directors paying to settle litigation using their own funds, according to an article by Darryl P. Rains, partner at legal firm Morrison & Foerster LLP. In…
SOX will reveal corporate weaknesses: Fitch
January 20, 2005 by Canadian UnderwriterThe implementation of section 404 of the Sarbanes-Oxley corporate governance requirements in the U.S. will likely lead to more frequent revelation of internal control problems on the part of corporations, says a new study by Fitch.The rating agency says it…
Cat losses not deterring reinsurance market slide: Benfield
January 19, 2005 by Canadian UnderwriterDespite a record level of catastrophe losses in 2004, reinsurers appear to be giving in somewhat to soft market pressures, according to a review of 2004/2005 renewals by broker Benfield.The report says that the most recent renewals saw increasing competition…
10 keys to reducing personal injury claims costs: ISO
January 19, 2005 by Canadian UnderwriterTechnology has a role to play in reducing personal injury claims costs, but only if specific criteria are taken into consideration. A new report by the U.S. Insurance Services Office (ISO) outlines 10 “critical factors” in reducing these costs.The first…
Anthony Clark restates first-half 2004 results
January 19, 2005 by Canadian UnderwriterFollowing reassessment of its purchase of Vista, Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has restated its half-year earnings for the period ending June 30, 2004. The company announced last November revised figures for the first quarter of 2004,…
What’s new: In brief (January 19, 2005)
January 19, 2005 by Canadian UnderwriterThe Insurance Institute for Highway Safety (IIHS) says if police in all U.S. states were allowed to stop drivers not wearing a seatbelt, 700 lives per year would probably be saved. Currently only 21 states and the District of Columbia…
Ontario auto rates drop in 2004, but further savings to come in 2005
January 18, 2005 by Canadian UnderwriterAccording to rate approvals from the Financial Services Commission of Ontario, the average auto insurance rate dropped 10.6% over the course of 2004. But insurers say consumers in Ontario will see even more savings in 2005.FSCO calculates the average rate…
Government to invest $850,000 in B.C. tsunami warning system
January 18, 2005 by Canadian UnderwriterThe Canadian government Tuesday said it would earmark $850,000 to help the B.C. provincial government beef up its tsunami warning system.Public Safety and Emergency Preparedness Canada (PSEPC) will set aside $350,000, while Indian and Northern Affairs Canada will kick in…